Steve Mnuchin To Return COVID Funds to General Treasury Fund

[MotorCityRadioFreak]

The Trump presidency is most definitely trying to sabotage the Biden presidency before it starts. This is to prevent restaurants from recovering.

https://thehill.com/policy/finance/5275 ... sors-reach

[Matt]

The Trump presidency is most definitely trying to sabotage the Biden presidency before it starts. This is to prevent restaurants from recovering.

https://thehill.com/policy/finance/5275 ... sors-reach

From the WSJ a week ago:

Democrats are squawking about the Municipal Liquidity Facility going away, but so far it has made only two loans: one to the sorry state of Illinois for $1.2 billion and one to New York’s Metropolitan Transportation Authority for $450 million. New Jersey considered the Fed facility, but this week it floated $3.7 billion in bonds paying 1.95% in the private markets and the offer was oversubscribed. If even a deadbeat like Trenton can tap the private markets, there’s no need for the Fed to do the lending.

Mr. Mnuchin has also asked the Fed to return $455 billion in unused Cares Act funding to the Treasury. That money will sit in the general fund and Congress can reappropriate it for other uses. It could pay for a new Covid relief bill if Speaker Nancy Pelosi ever agrees to compromise. Or it could be used to reduce the deficit (we can dream).

None of this means the Fed is out of ammo. Mr. Mnuchin has extended for 90 days four Fed facilities that were set up with pre-Cares Act money in Treasury’s Exchange Stabilization Fund (ESF). That includes the commercial paper and money-market programs. The ESF also retains some $80 billion, and $50 billion of that could quickly be used to leverage as much as $500 billion in lending if need be. The Fed will also retain $25 billion in its facilities that it could use to leverage another $250 billion.

Weird that your comment would suggest this is to prevent restaurants from recovering, which I would pin on a tyrant governor who closed dine in restaurants in the first place.

[TC Talks]

Just as we go into the second round... I think Mitch is going to have a tough 6 years...

Mr. Mnuchin has also asked the Fed to return $455 billion in unused Cares Act funding to the Treasury. That money will sit in the general fund and Congress can reappropriate it for other uses. It could pay for a new Covid relief bill if Speaker Nancy Pelosi ever agrees to compromise. Or it could be used to reduce the deficit (we can dream).

[Rate This]

The Trump presidency is most definitely trying to sabotage the Biden presidency before it starts. This is to prevent restaurants from recovering.

There is more to the story than your Biased and slanted OPINION.

12 words, one incorrectly employed meme.